Why It’s Important To Define A Target Market For Your Business
September 13, 2010 1 Comment
Developing the best product or service that you can is definitely a primary concern when launching a successful business. You want to be known as the best. You want to make sure you’ve done your homework and created the best at-home pet bathing service, or the most effective moisturizing skin cream or the top of the line law office, or (fill in the blank). You are going to sink or swim based on the quality of your service or product. So take your time and come out with the best.
But (and this is one of those big buts as they say) even before you’ve developed your product or service know who you’re selling it to. Define your market, but also do some homework and make sure that there is a real need or call for the product or service you’re selling. You have no idea how many people finish their album, film, product, service (again, fill in the blank) without really giving any thought of who their customers are and where and how they can reach them. Or, they figure that they’ll market to everybody and anybody. If you ask them who their customers are they’ll say anyone who happens to see their ad, or direct mail piece, or blog.
A particular target market might not be your sole market, or your complete target, but you want it to be your primary market. This doesn’t mean that you’re limiting yourself; this means your targeting your approach. You might very well end up with a number of markets. That’s fine, but you need to define and prioritize them. Decide who your main customers or clients are, where you can reach them and focus your marketing, public relations, social media and any other promotions you’re planning so that your efforts will reach that market. For example, let’s say that you’ve developed a new line of T-shirts. A lot of people wear T-shirts. You have a broad market. But if you target everyone chances are you’ll reach no one. Your job is to define and target your particular customers before you launch your line.
The upside is that knowing who your clients and customers are helps you define your promotional approach. It also lets you know where to market, what language to use and what marketing mix to utilize.
Copyright © Anthony Mora 2010